Hong Kong Cops Arrest Two Men in AAX Exchange Bankruptcy Case

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  • Police have arrested two men involved in the AAX case for defrauding and misleading police officers.
  • The mastermind of the crime fled HK along with cryptos worth US $30 million.
  • Reportedly, the CEO of Weigao Capital, Liang Haoming & the former CEO of AAX Thor Chan has been arrested.

Today, the Hong Kong police announced that they arrested two men involved in the AAX exchange case on suspicion of defrauding and misleading police officers.

As per reports, The Commercial Crime Investigation Bureau of the police arrested a former employee and AAX’s platform manager. Both men were accused of spreading false news and using illegal means to shut down the trading platform.

Reports suggest that as a part of a huge conspiracy, it was decided by the firm that it would issue false information to postpone the public account and stop the operation of the platform.

However, the mastermind of the crime fled Hong Kong along with his virtual currency wallet and private key to the trading platform that has approximately $30 million.

One of the arrested men was charged with allegations of “misleading a police officer”. During the probe, the man had lied that he had left the relevant company in May 2021. However, further investigation revealed that the man was a consultant and continued attending business meetings.

As per speculations, the two arrested men are the director, shareholder, and CEO of Weigao Capital Liang Haoming, and the founder and former CEO of AAX (Thor Chan). However, no confirmation of the identity has been made yet.

Senior Inspector Huang Zhongli revealed that the current US$30 million assets remain safe in the virtual currency wallet and there is no trace of loss for the time being. The police said that it will track down the flow of funds and will be in constant touch with overseas departments in due course.

The rumors around a potential bankruptcy announcement from crypto exchange AAX went around stronger when Vice President of Global Marketing and Communications, Ben Caselin announced his resignation from the crypto exchange. Later, in November, AAX had suddenly closed down after chief executives jumped ship, employees were fired, and investors could not withdraw assets. As a result, thousands of people lost their money.

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